New Jersey Auto Loans At A Glance

The state’s average per year income is $53,853, while the average fico score is 693. Obviously, these are only average numbers. You don’t have to make $4,488 a month to qualify for an auto loan in New Jersey.

Minimum New Jersey Car Loan Requirements

The majority of New Jersey car loan lenders require that you have a consistent job with $1500 income a month, and your total monthly debt, including your new loan, must not be more than half of your wages. In the state of New Jersey, this rounds out to $2,244, on average.

Income or credit scores not high enough? No problem. You should still be able to qualify with a co-buyer, more money down, or even through a bad credit lender.

Advice For New Jersey Car Finance Shoppers

With regards to New Jersey car loans, make sure you spend only 18-20 percent of your regular monthly income for monthly payments, gas, and maintenance. For your average New Jersey motorist, this equates to $808 to $898 each month. Spending more than 18-20% will endanger your credit score and finances. With gasoline prices ever-increasing, you might want to choose a reasonable car that offers solid fuel economy. More often than not, obtaining a used car in New Jersey is best. Used cars are less costly to finance. And in addition, they lose value less quickly than new vehicles.